for those who think differently…
Every time a corporate reporting clanger is dropped and auditors of a public company are mired in yet another scandal, the Financial Reporting Council responds by undertaking to investigate the accounts and audit of the plc in question. What’s really going on?
How much credence can shareholders of public companies safely attach to financial statements that carry a “true and fair” imprimatur from their auditors? Big-4 firms hold the lion’s share of public company audit appointments, yet they are regularly found to have issued “clean” reports on accounts that grossly misrepresent the results and financial position of client companies, causing severe damage to shareholders’ interests.